2. Lindell Company made direct material purchases of $50,800 and $62,800 in September and October,...
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Accounting
2. Lindell Company made direct material purchases of $50,800 and $62,800 in September and October, respectively. The company pays 60% of its purchases in the month of purchase and 40% is paid in the following month.
How much cash was paid for purchases in October?
3. Crew Clothing (CC) sells womens resort casual clothing to high-end department stores and in its own retail boutiques. CC expects sales for January, February, and March to be $490,000, $550,000, and $570,000, respectively. Twenty percent of CCs sales are cash, with the remainder collected evenly over two months. During December, CCs total sales were $800,000. CC is beginning its budget process and has asked for your help in preparing the cash budget. Compute CCs expected cash receipts from customers for each month.
Jan
Feb
March
budgeted cash receipts
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